Saudi Aramco Finalizes Philippine Refinery Purchase

Saudi Aramco hasconcluded its purchase of 40% of Petron Corp., the refining and marketingsubsidiary of state-owned Philippine National Oil Company and the country'slargest refiner. Finalization of the deal, which marks Saudi Aramco's secondforay into the Asia-Pacific refining market after Korea's Ssongyang jointventure, was expected following last month's royal approval (MEES, 31 January).As reported...